Sustainable tourism is the soul of Costa Rica, the ‘rich coast’ in Central America that is also a great place to invest in real estate. According to marketing experts, the attributes of the nature blessed country are just ideal for promoting it as a destination for real estate investors because of the several cutting trends that make it stand out from its neighbors. From farm to table restaurants to surfing, hiking in the rain forest, spending time on the pristine golden brown beaches and enjoying the active volcano craters, there are countless tourist attractions. The lure of embracing nature is irresistible and often unimaginable. You can get closer to monkeys, sloths, frogs, birds, and wildlife and find the best way to escape from the menacing stress of urban life and unwind.
For activity lovers, there is ample scope to spend time. They can do yoga on the mat laid out on the beaches, surf, snorkel, dive, and water raft to enjoy life in a whole new way. The country is home to half a million species and one of the most bio-diverse countries that take special initiative to protect the 25% of its wetlands by promulgating laws.
If long life is what you desire, then you must set up a home in Costa Rica. There is proof that Costa Ricans live longer and healthier lives than most people on the planet because of the pure life that the country offers to its inhabitants. As you walk along the roads, you will hear the word pura vida uttered repeatedly all around which translates into pure life. Moreover, positivity abounds the population as evident from the simple exchange of hello, goodbye, same to you and everything’s cool whenever people meet. Never there is any negative connotation in the exchange of pleasantries among the people. Relaxation and enjoyment are ingrained in the culture as the friendly locals are ready to welcome foreigners with the encouragement of the government that invites people of other countries to set up home in that country.
Foreigners are welcome to own property
The country’s government sees foreigners at par with the locals in matters of property as foreigners share the same rights in owning property. Regardless of whether you rent, buy, or lease property in Costa Rica, you enjoy equal rights as the natives. The government and the constitution of the country guarantee the ownership rights for all individuals as well as businesses. There is no restriction in owning properties by foreigners as they need not be residents nor be present in the country for property transactions. Real estate in Costa Rica is highly attractive for investment. The opportunities for earning from rental property are very high due to the tourist inflow that is growing rapidly. Whether you invest for short term or long term, you can expect the right returns. The demand for land and homes is increasing fast, and the earlier you invest more would be the returns.
Tourists are the mainstay of rental income
Vacation rentals are the primary source of income for those who own rental properties in Costa Rica. However, instead of offering the entire home for rentals, many prefer to retain a part of it for making it their second home. While retirees can start living immediately, a better plan is to invest at an early age. You can recover the investment by renting the property to tourists and then finally coming to stay there only after retirement. Young investors would find it most rewarding to invest in real estate in Costa Rica that has unbeatable tourist attractions with the thrust on eco-tourism. If you are about a few years from retirement and have money that you can lock in for 5-7 years then investing in real estate to set up a rental home in your best investment option that also opens up your entrepreneurial side which you might not have yet discovered.
Marketing your property
Although buying property in Costa Rica is easy and affordable to reap the benefits of investment through good returns, you must market your property well. To get the best returns from property rentals, you must do some good marketing online on your own. You can also create AirBNB accounts to track and monitor leads or engage a property manager who will handle it on your behalf. Arranging for posting reviews online on reputed travel websites like TripAdvisor should provide mileage in marketing. Most importantly, you must stage the property to uphold its attractiveness and post photos to draw attention.
Having a 3 bedroom property with ocean view, en suite bathrooms with air conditioner in at least one room and internet facility together with television and a good amount of privacy can make the property attractive for rentals. Having a pool is an added advantage to earn higher rent. Adding more features for comfortable living and luxury like microwave oven, BBQ outdoor grill, beach/ pool/ lounge chairs including arrangements for entertainment like board games, card games, TV with DVD player, etc., will fetch higher rentals and ensure higher occupancy regardless the season.
Property markets are not always as clean as you might think. There are instances of sellers duping buyers by adopting clandestine means of selling some disputed property for unfair gains. This problem is almost non-existent in Costa Rica because most of the properties come with proper titles attached to it. Since the properties are duly recorded and registered, they are genuine, and buyers can track every detail about the ownership and rights related to it. In this respect, the investment is entirely safe, with almost zero chances of victimization by shady property dealers.
However, you must know about specific restrictions on property deals to avoid any embarrassment. If you are buying coastal property, then it must be located beyond the 200-meter zone from the high tide line earmarked for ecological reasons and to preserve the beauty of the coastline. Also, you must have knowledge about the role and responsibility of property buyers and the expenses that they must bear.